The renowned company, Century Entertainment International Holdings Ltd, has made significant changes in Cambodia. They have decided to terminate their contracts with the Dara Sakor casino in Koh Kong Province. Despite this termination, the company is optimistic about continuing to expand its presence in the country.
The termination of the contract for table games was primarily due to the fact that the subsidiaries did not adhere to the conditions of the agreements by December 31, 2023. The casino, which was owned by LongBay Entertainment Co. Ltd., had signed a lease and operating deal with Century Entertainment’s Chairman Ng Man Sun’s company, Lion King Entertainment Co Ltd. According to the terms of the deal, Lion King had the option to lease the casino from May 1, 2021, to April 30, 2036, for an amount of HKD 58 million (US$7.4 million) for a five-year operating period.
However, due to recent changes, Century Entertainment found it necessary to conduct a more detailed analysis of the profit and loss over the previous three financial years, particularly in regard to the net income stream. It was crucial for the auditors and reporting accountants to review the New Gaming Table Business Rights and ensure that all the information complied with the records and books. They expected Lion King to provide the underlying books and records for both expenses and income.
After the termination, the Board has emphasized that the Termination Agreement is fair and respects the interests of both the Company and Shareholders. As a result, the VMG, Lion King, and Ng Man Sun will be released from any duties and obligations related to the business, while the Group’s operations and financial position will remain intact. There will be no deposits or any other form of compensation between the involved parties.
Despite terminating the contract with the Dara Sakor casino, Century Entertainment is actively negotiating the terms of a possible casino lease and operating agreement with LongBay Entertainment Co. Ltd. They are hopeful about operating the VIP room located in Long Bay, Dara Sakor, Cambodia, and continuing with various gaming activities under the operating license granted by LongBay Entertainment. This demonstrates the company’s commitment to maintaining and expanding its operations in Cambodia. Overall, it is clear that Century Entertainment has big plans for its future in the country.